Accenture Stock Pops After Layoffs, Earnings

The stock is moving further from its recent two-year low

Deputy Editor
Mar 23, 2023 at 10:51 AM
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Accenture PLC (NYSE:ACN) is up 7.1% at $271.09 at last glance, after news that the company will cut roughly 2.5% of workforce, or 19,000 jobs. The IT name reported better-than-expected fiscal second-quarter results before the bell this morning, but trimmed its annual revenue forecast. 

ACN has climbed since its March 15, two-year low of $242.80, and is now back to its early-March levels on the charts. The stock is inching back into positive territory for 2023, though its 50-day moving average appears to be keeping a lid on gains today. 

Overall options volume is running at six times the intraday average, with 4,612 calls and 3,852 puts exchanged so far. The weekly 3/24 280-strike call is the most active, followed by the 265-strike call in the same weekly series. 

Of the 18 analysts in coverage, 11 carry a "buy" or better rating on Accenture stock, while the 12-month consensus price target of $310.02 sits at a 14.7% premium to current levels. 

 

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